Colombia’s central bank advised to pursue more assertive interest rate reductions amid slowing inflation and a sluggish economy. The central bank has maintained the highest borrowing costs among Latin American peers, with the key rate currently at 12.75%. Inflation decreased to 7.74% YoY in February, down from a peak of 13.34%, but core inflation is still high at 8.53%, nearly triple the central bank’s 3% target.